Med Imaging are able to assist in the procurement of equipment by offering a range of finance options. Sometimes, equipment is in need of replacement unexpectedly. Budget allocations may not be available at the time to purchase the equipment outright. We can provide ways of spreading the cost and easing the financial strain
HIRE PURCHASE
Once you have selected the length of term you would like to pay over, typically 3, 5 or 7 years, the process is simple. An initial payment which covers the VAT is then followed by equal quarterly payments until the end of the term. Once the term is complete, the equipment belongs to you. The maintenance of the equipment is at an additional cost
MANAGED EQUIPMENT SERVICE
Again, the length of term is flexible. Similar to Hire Purchase in some ways, but the annual maintenance costs are included in the package. VAT is payable in advance, but VAT is reclaimable for NHS customers, which is very important when deciding on which finance method to choose. Additionally with an MES, there are no annual Capital Charges. On a straight purchase, or HP, 3.5% of the value of the equipment is payable as a Capital Charge to HMRC each year. Another saving to be considered on an MES. Payments are made annually. At the end of the term, the title of the goods can be transferred so the equipment belongs to you, or you can renew the equipment with brand new products, and continue to pay annually, keeping the asset costs off balance sheet.
LEASING
Like Hire Purchase, payments are quarterly, but unlike HP, these payments have VAT added, so there is no advance payment of the VAT. The other major difference is that at the end of the term, the equipment is returned and does not belong to you. Annual maintenance costs can be incorporated into the quarterly payment structure.
RENTAL
On some product ranges, rental is available. This can be short term on a limited range of pre-owned equipment, or long term on a wider range of new products.
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